Contact us   Feedback   Annual Subscription   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Extracts
Home List
← Previous Next →

2015 (6) TMI 1081 - ITAT AHMEDABAD

2015 (6) TMI 1081 - ITAT AHMEDABAD - TMI - Penalty u/s. 271(1)(c)- Revenue seeks to treat the impugned on-money receipts admitted in the course of ‘search’ and declared in the return as concealment and furnishing of inaccurate particulars of income - Held that:- We reiterate that the ‘search’ is dated 06-01-2011 i.e. within the relevant accounting period. And the assesseWe reiterate that the ‘search’ is dated 06-01-2011 i.e. within the relevant accounting period. And the assessee’s return has co .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

5 applies to a search conducted on or after 01-06-2007. Be that as it may, the assessee has filed return admitting on-money receipts as its income. The deeming fiction of concealment stipulated therein is not attracted accordingly. We follow the hon’ble jurisdictional high court’s view and delete the impugned penalty. The assessee’s arguments on merits succeed.e’s return has come on 13-09-2011. The same stands accepted in the assessment framed therein. In these facts, we quote latest decision o .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

, the assessee has filed return admitting on-money receipts as its income. The deeming fiction of concealment stipulated therein is not attracted accordingly. We follow the hon’ble jurisdictional high court’s view and delete the impugned penalty. The assessee’s arguments on merits succeed. - ITA No. 726/Ahd/2015 - Dated:- 9-6-2015 - Shri Pramod Kumar, Accountant Member and Shri S.S. Godara, Judicial Member Assessee by: Shri S.N. Soparkar, A.R. Revenue by: Shri Dinesh Singh, Sr. D.R. ORDER PER : .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

espect of 295 flats @ ₹ 1000 per square feet collected in the relevant previous year at the assessee s behest. The assessee filed its return on 30-09-2011 declaring income of ₹ 2,74,86,150/- including the aforesaid on money receipts. The Assessing Officer completed a regular assessment on 15-03-2013 accepting the returned income. He also initiated penalty proceedings under section 271(1)(c) against the assessee alleging concealment and furnishing of inaccurate particulars of income i .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version